Swamy alleges differential treatment by SEBI officials
BJP leader Subramanian Swamy urged SEBI Chief to conduct a detailed probe into violation of public shareholding norms and illegal differential treatment to promoters in Times of India Group and Asian Paints Group. In a detailed letter to Securities Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, Swamy said promoters of these two conglomerates have totally violated many SEBI norms including delisting norms by sidelining public shareholders.
In his 24-page letter, attaching many documents, Swamy accused Times of India Group’s promoters Vineet Jain and Sameet Jain and Asian Paints Group promoters linked to Elcid Investment Limited had totally violated the norms of SEBI by getting favorable orders and must be re-investigated on how these orders were passed. “There are inconsistencies in implementing minimum public shareholding norms and differential treatment to promoters of certain business conglomerates,” said Swamy in the petition to SEBI Chief.
“You are requested to personally investigate the matter and comply with the mandatory provisions of the securities laws by Elcid Investments and Times Holding Companies. You are requested to investigate why Elcid Investments and Times Holding Companies were differentially treated by SEBI officials, ignoring the proceedings undertaken by SEBI for similar violations in the matter of other 105 companies against whom a restraining order was passed on June 04, 2013, and compliance with the MPS norms was insisted upon.
“You are requested to also investigate as to why Times Holding Companies were differentially treated by SEBI officials contrary to SEBI’s policy laid down in Schneider Electric. You are requested to carefully scrutinize and undertake an in-depth investigation with respect to the conduct of your department’s officials in favoring the interests of influential security market violators, like Elcid Investment and Times Holding Entities, over the interest of minority public shareholders,” said Subramanian Swamy in his detailed petition. The 24-page petition is published at the end of the article. Advocate Satya Sabarwal is the assisting lawyer in this petition filed by Swamy.
“I am writing to you to bring to your attention the Securities and Exchange Board of India’s inconsistency in applying its own regulations and the Satya Sabarwal being provided to the promoters of certain business conglomerates in relation to the violation of serious securities laws. I urge you to personally intervene in these matter and probe these high-profile cases of demonstrable active non-action and non-implementation of SEBI’s own regulations and past precedence in relation to the companies owned by powerful and rich promoters namely Asian Paint Group in case of Elcid Investment Limited (“Elcid”) and Times Group in case of Arth Udyog Ltd., Ashoka Viniyoga Ltd., Bharat Nidhi Limited (“BNL”), Camac Commercial Company Limited, PNB Finance and Industries Limited (“PNB”), Jacaranda Corporate Ltd., T M Investments Ltd. and Sanmati Properties Ltd. (“Times Holding Companies”), which are the holding Companies of Bennett Coleman and Company Ltd (“BCCL”), in direct violation of statutes, including the violation of minimum public shareholding (“MPS”) norms and disclosure of promoter shareholding in terms of the applicable provisions of Securities Contract Regulations Rules (“SCRR”), SEBI (Issue of Capital and Disclosure Requirements) Regulations, (“ICDR”) and SEBI (Listing Obligation and Disclosure Requirements) Regulations (“LODR”). In the case of Elcid and Times Group, SEBI has settled past violations but failed to compel the companies and promoters to take the required curative actions and/ or comply with the disclosure requirements provided in the regulations and which SEBI has enforced in similar cases. The legality and rationale for making such exceptions in respect of such high-profile companies require your personal intervention.,” said Swamy in his petition.
Earlier Subramanian Swamy filed petitions to Prime Minister Narendra Modi and many agencies like CBI, DRI, ED, Income Tax, SEBI, and SFIO for probing into the huge tax violations and money laundering by Times of India Group.
The 24-page complaint of Subramanian Swamy to SEBI on the illegalities and violations by Times of India Group and Asian Paints Group is published below:
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